Why do we need a company secretary? This is a question which needs to be answered, is it a necessity or a requirement? It is said that every limited firm should have at least one company secretary. This is based upon the Section 139 Companies Act, 1965 and the appointment is finalized by the directors of the organization.
What are the requirements for becoming a Company Secretary?
There are certain requirements which one should possess to be able to become a corporate secretary. It is said that the person should belong to a professional body and it has to be approved by the Ministry. Apart from that the person should also have a clear record and should not be involved in any kind of destitute as well.
Responsibilities of Corporate Secretary
Once the company has its secretary there is a list of responsibilities which has to be handled by the person. Here are the things which they have to take care of:
- Secretary must be present in director’s and shareholder’s meetings and record all the information which is being discussed.
- Maintaining all the records related to the organization. All the returns of the company must be properly filed with SSM.
- Send notice to shareholders for the meetings conducted by the board of directors.
- Make successful transactions, countersign the important documents and ensure the safety and security of the company seal as well.
EDGAR & XBRL Filing:
EDGAR Filing is made to ensure that the system is efficient and the fair share of security in the market of Securities and Commission Exchange (SEC). Here EDGAR stands for Electronic Data Gathering, Analysis and Retrieval and all the homeland companies have certain forms to be filed with this system.
Agents are available for the organization to have it filed in a proper fashion without any kind of hindrances. Even before you go ahead and start filing, there are certain factors which need to be considered. Make sure that they have maintained a good record, get to know how much it is going to cost you, will they fill in the forms for you and how long will it take for you for the process to be complete.
XBRL Filing falls under interactive data category and it is predominantly used to handle business exchange and financial performance of the certain organization. eXtensible Business Reporting Language usage in the regulatory filing is done to be able to identify the information of the financial statements, extract and finally compare them.
When XBRL is added along with the EDGAR filing it will be more comprehensive and the reversal will increase as well. XBRL interactive data will bring in cost savings and efficiency to the organization. It is a necessity for the organizations to make proper filings with EDGAR & XBRL to be able to use the software solutions for the firm.